massive difference in 4 years

compostcorner · Post by **compostcorner** » 16 Oct 2018, 13:22

4 years ago my lump sum illustration retiring at 60 was £56,000, todays illustration was £29,000, i dont understand pensions but surely i cant have lost that much.

Post by **RobertT** » 16 Oct 2018, 13:28

The illustration you got 4 years ago was an estimate based on you working and the RMPP still being open to future accrual, until your 65th birthday.

It closed 6 months ago, therefore your pension is based on what you actually accrued up until then.

Post by **stephen500** » 19 Oct 2018, 16:54

compostcorner wrote:4 years ago my lump sum illustration retiring at 60 was £56,000, todays illustration was £29,000, i dont understand pensions but surely i cant have lost that much.

That will be your min lump sum. They no longer show your max lump sum and your figures are all about the same as mine.
As stated on illustration, you can still take max lump sum, subject to a deduction on your pension (which I worked out at around 15%)
So all should be fine.

Post by **RobertT** » 19 Oct 2018, 17:04

stephen500 wrote:
compostcorner wrote:4 years ago my lump sum illustration retiring at 60 was £56,000, todays illustration was £29,000, i dont understand pensions but surely i cant have lost that much.
That will be your min lump sum. They no longer show your max lump sum and your figures are all about the same as mine.
As stated on illustration, you can still take max lump sum, subject to a deduction on your pension (which I worked out at around 15%)
So all should be fine.

That's assuming he's section B like you, he might not be!